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Collaborative Research: Sequentially Optimal Mechanism Design

协作研究：顺序优化机构设计

基本信息

批准号：
2131706
负责人：
Laura Doval
金额：
$ 20.19万
依托单位：
Columbia University
依托单位国家：
美国
项目类别：
Standard Grant
财政年份：
2020
资助国家：
美国
起止时间：
2020-10-01 至 2023-11-30
项目状态：
已结题

来源：
https://www.nsf.gov/awardsearch/showAward?AWD_ID=2131706&HistoricalAwards=false
关键词：
Collaborative Research Sequentially Optimal Mechanism

项目摘要

This award funds research in the economic theory of mechanism design. This area of economics focuses on understanding how incentives affect economic outcomes, with the goal of designing effective and efficient payment and reward plans. The project aims to expand mechanism design theory by providing a new tool to study the problems caused when long-term commitment to a contract is unrealistic. For example, online retailers, insurance companies, and banks interact with their customers over time. As these firms learn about their customers, they may want to change contract terms by making personalized offers to some customers. In the same way, governments may sign agreements about sovereign debt, but bailouts and renegotiation may change the terms of the original agreement. The new method has promise for new applications of this important area of economic theory, including a range of applications from debt and mortgage contracts, monetary policy, the design of online platforms, online privacy, and auctions for advertising sales. As a result, the research could result in more effective management methods for businesses and government policy makers.Progress on optimal mechanism design under limited commitment has been hindered by a lack of a tractable methodology. The team will develop a new methodology based on the idea that a mechanism should encode not only the rules to determine the allocation, but also the information the designer obtains from the interaction. This means that how much the designer learns becomes an explicit part of the design. The project has three key parts. First, the team will develop this new tool, which will be akin to the use of the revelation principle in classical mechanism design. Second, the team will use the method to characterize optimal trading mechanisms in infinite horizon settings. The characterization provides a solid foundation to Coase's conjecture and the solution method can serve as a prototype to characterize optimal fiscal policy or social insurance when governments have limited commitment ability in infinite horizon settings. Third, the team will examine the optimal design of information collection policies (for example, the use of cookies) and the resulting issues of transparency and privacy that arise when firms collect information about consumers.This award reflects NSF's statutory mission and has been deemed worthy of support through evaluation using the Foundation's intellectual merit and broader impacts review criteria.

该奖项资助机制设计的经济理论研究。经济学的这一领域侧重于了解激励措施如何影响经济成果，目标是设计有效和高效的支付和奖励计划。该项目旨在通过提供一种新的工具来研究长期承诺合同不切实际时所引起的问题，从而扩展机制设计理论。例如，在线零售商、保险公司和银行会随着时间的推移与客户互动。随着这些公司了解他们的客户，他们可能希望通过向一些客户提供个性化服务来改变合同条款。同样，政府可能会签署关于主权债务的协议，但救助和重新谈判可能会改变原始协议的条款。新方法有望为这一重要的经济理论领域带来新的应用，包括债务和抵押贷款合同、货币政策、在线平台设计、在线隐私和广告销售拍卖等一系列应用。因此，该研究可以为企业和政府决策者提供更有效的管理方法。有限承诺下的最优机制设计的进展一直受到缺乏易于处理的方法的阻碍。该团队将开发一种新的方法论，其基础是这样的想法：机制不仅应该编码确定分配的规则，还应该编码设计者从交互中获得的信息。这意味着设计师学习了多少成为设计的一个明确部分。该项目有三个关键部分。首先，该团队将开发这种新工具，它类似于经典机制设计中的启示原理。其次，该团队将使用该方法来描述无限水平设置中的最优交易机制。该刻画为科斯猜想提供了坚实的基础，其求解方法可以作为刻画无限水平下政府承诺能力有限时最优财政政策或社会保险的原型。第三，考察信息收集政策的最佳设计（例如cookies的使用），以及企业在收集消费者信息时产生的透明度和隐私问题。该奖项反映了NSF的法定使命，通过使用基金会的知识价值和更广泛的影响审查标准进行评估，被认为值得支持。